26 November 2021, Hong Kong – UOB and HSBC acted as green loan coordinators on club loan facilities of HK$1.85 billion to a Gaw Capital Partners-led consortium (“the Consortium”). These facilities comprise a US$110 million (HK$853 million) offshore loan and a RMB837 million (HK$992 million) onshore loan. Maybank, BNP Paribas and KGI also participated in the club deal.
The loan proceeds will be used to refinance the existing loans for the Consortium’s acquisition of four premium office buildings[1] at Shanghai MixC, a set of quadruplet eight-storey buildings in Minhang District, Shanghai, China. The buildings have received the LEED v4 Building Operations and Maintenance: Existing Buildings Gold certification[2] from the US Green Building Council for their environmentally-friendly features. The features include LED lights for the office lobby, control measures at elevators to conserve energy, environmentally-friendly architectural paints sourced in local market to reduce transport emissions, as well as garbage classification for better waste management.
The loan facilities support the Consortium’s continued efforts in implementing its sustainability strategy to improve environmental performance and to contribute to the United Nations’ Sustainability Development Goals.
Ms Christina Gaw, Managing Principal & Global Head of Capital Markets of Gaw Capital Partners, said, “At Gaw Capital, ESG considerations are essential to our investment selection criteria and asset management. We look for opportunities to enhance value in assets that we acquire through ESG measures and aim to reduce the assets’ carbon footprint. Investors consider green and energy-efficient buildings a necessity in the long run and we strongly believe that environmentally sound real estate will lead to better performance and well-being of a property’s users.”
Mrs Christine Ip, CEO – Greater China, UOB, said, “Green and energy-efficient features will increasingly be the norm for premium office buildings as we transition into a low carbon economy. We are pleased to walk alongside Gaw Capital Partners, our longtime partner, in its sustainability journey. This is part of UOB’s commitment to forging a sustainable future with our clients by supporting their sustainable business models as they advance responsibly.”
Mr Frank Fang, Head of Commercial Banking, Hong Kong, HSBC, said, “As a leading bank in the sustainable finance market, HSBC strives to support the business community in fulfilling their ESG agenda and contributing to a net-zero economy. With sustainability being key to the development of real estate sector, it is our pleasure to work with Gaw Capital Partners to help shape the future of green buildings together.”
– Ends –
About Gaw Capital Partners
Gaw Capital Partners is a uniquely positioned private equity fund management company focusing on real estate markets in Asia Pacific and other high barrier-to-entry markets globally.
Specializing in adding strategic value to under-utilized real estate through redesign and repositioning, Gaw Capital runs an integrated business model with its own in-house asset management operating platforms in commercial, hospitality, property development, logistics, IDC and Education. The firm’s investments span the entire spectrum of real estate sectors, including residential development, offices, retail malls, serviced apartments, hotels, logistics warehouses and IDC projects.
Gaw Capital has raised six commingled funds targeting the Greater China and APAC regions since 2005. The firm also manages value-add/opportunistic funds in Vietnam and the US, a Pan-Asia hospitality fund, a European hospitality fund, a Growth Equity Fund and also provides services for separate account direct investments globally.
Since 2005, Gaw Capital has commanded assets of USD$32.5 billion under management as of Q2 2021.
About United Overseas Bank
United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. UOB is rated among the world’s top banks: Aa1 by Moody’s Investors Service and AA- by both S&P Global Ratings and Fitch Ratings. In Asia, UOB operates through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, as well as branches and representative offices across the region.
Over more than eight decades, generations of UOB employees have carried through the entrepreneurial spirit, the focus on long-term value creation and an unwavering commitment to do what is right for our customers and our colleagues.
We believe in being a responsible financial services provider and we are committed to making a difference in the lives of our stakeholders and in the communities in which we operate. Just as we are dedicated to helping our customers manage their finances wisely and grow their businesses, UOB is steadfast in our support of social development, particularly in the areas of art, children and education.
About The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $2,969bn at 30 September 2021, HSBC is one of the world’s largest banking and financial services organisations.
[1] Four premium office buildings namely Tower A, B, C and D at Shanghai MixC.
